FinTech Scotland, working with asset manager abrdn and other partners, has launched a “first-of-its-kind” innovation challenge to financial institutions and innovators from across the fintech community to simplify compliance through the application of AI and other emergent technologies.
The challenge is part of a wider initiative to encourage the industry to collectively share best practices for companies to develop new solutions to key financial regulatory challenges.
The inaugural challenge is led by the newly established Financial Regulation Innovation Lab and funded through the UK Governments’ Innovation Accelerator programme. A £50,000 prize is offered.
It is hoped the AI challenge will foster confidence in the adoption of emerging technologies into financial services and it invites entrepreneurs and innovators to identify and use technologies to address industry compliance challenges.
Nicola Anderson, CEO of FinTech Scotland, said: “Demand-led innovation calls are an important part of the toolkit that the Financial Regulation Innovation Lab will employ to drive positive outcomes. It is also an opportunity to bring together financial institutions and innovators, enabling financial institutions to learn collaboratively about ways to improve compliance processes to drive efficiency for the sector and, ultimately, increase consumer protection.”
Deloitte, Tesco Bank, Morgan Stanley and the University of Strathclyde and the University of Glasgow are also partners.
Gareth Murphy, chief risk officer at abrdn, said: “At abrdn, we’re delighted to join the Financial Regulation Innovation Lab’s inaugural innovation call to action. It is essential that we continue to evolve the mix of people, process and technology in all of our activities. We draw on extensive experience in financial services, in Scotland and globally. This collaboration is a testament to our commitment to seizing the ongoing opportunities that financial services and innovation present.”
The programme includes three phases: challenge definition, solution design & testing, and final demonstrations. Successful companies will receive grant awards up to £50,000 for further development and implementation.
The application window is open from 1st February.
